Type :
Bearish Momentum
Key Levels:
Resistance : 18.96
Pivot: 18.42
Support : 17.58
Preferred Case:
On the H4, with price moving below the ichimoku cloud and in a descending trendline, we have a bearish bias that price will drop from the pivot at 18.42 in line with the 78.6% fibonacci projection to the 1st support at 17.58 in line with the 78.6% fibonacci projection and horizontal swing low.
Alternative scenario:
Alternatively, price may reverse off the pivot and rise to the 1st resistance at 18.96 at the swing high in line with the 23.6% fibonacci retracement .
Fundamentals:
no major news
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.